The world’s greatest inventions are simple and have the widest appeal. Who would have thought that a customer’s dissatisfaction with French fried potatoes would lead to the invention of “Potato Chips”. In 1853, George Crim, a chef in New York accidently invented potato chips when an annoying patron kept sending his French fried potatoes back to the kitchen because they were soggy.
“Crocs” developed by a group of friends in 2002 as a shoe for the sauna. Currently, crocs are sold in more than 90 countries with a turnover of more than $1 billion annually.
“Hula-Hoop” developed by Wham-O. Someone in Australia had seen children playing with hoops of bamboo. In 2 years, it sold more than 100 million hula-hoop.
You have a great idea, so what next?? The light bulb above your head is glowing so bright that it’s threatening to blind everyone around you. The first thing you need to do is, PROTECT IT! Until your idea is protected, it is better to tell as few people as possible.
An idea is worthless without any documented proof. For protecting it from getting stolen, you need to pen down everything possible related to your invention, from what it is, how it works, etc. It is the first step towards patenting your idea.
Going for an extensive research of your idea from a business and legal standpoint is another important step. Just because you haven’t seen your invention doesn’t mean it doesn’t already exist.
Bring your product to life with a prototype to figure out how to make your idea work. It need not be fancy or expensive. This will demonstrate the design of your invention when you present it to potential lenders.
Lastly, it is very important to prepare a business plan to improve your chances of success. It will not only help you refine your thinking but get a better market share.
Dreaming can often be the starting point of any idea. Following through is the difference between a successful investor and a dreamer.